Update: Just got off the phone with M Sandeep, CEO of IMIsoft, who told me that IMI Mobile has NOT been acquired by the Ramboll Group. The Ramboll Group has acquired IMIsoft, which used to be the parent company of IMI Mobile. Sandeep said that IMI Mobile and IMIsoft are two separate companies, and the demerger took place end of 2006/early 2007. A R Vishwanath remains the CEO of IMI Mobile. IMIsoft PR had told us that IMI Mobile is a part of this deal, and I’d requested to speak to A R Vishwanath to understand why they would sell IMI Mobile to the Ramboll Group when there wasn’t any apparent synergy…and this explains it – IMI Mobile hasn’t been sold.
Earlier story in the extended text.
(Original Story) This just in: IMIsoft, the parent company of mobile VAS player IMI Mobile has sold a majority stake to Ramboll Telecom, a part of the Ramboll Group, a Denmark based engineering consultancy. Neither the value of the deal, nor the stake acquired have been disclosed.
Post acquisition, IMIsoft Founder and Chairman AR Vishwanath step down, and current General Manager Sandeep Mirmire will take over as CEO. The existing businesses of Ramboll Telecom and IMIsoft will operate as separate legal entities.
IMIsoft provides specialized engineering services like software for tower design, project management of tower construction etc. The company has 650 employees and 20 offices spread across India. Their clients include major telecom and power transmission companies. The Ramboll Group had revenues of $966.78 million in 2007. Details on Ramboll Telecom India here.
In all of this, I wonder what will happen to IMI mobile, which among the key VAS players in this business. In July 2006, IMI Mobile had raised $10 million from Silicon Valley based VC Pequot Ventures, prior to which they had raised 3.7 million pounds sterling from UK based NewMedia Spark. Other large players in the Mobile VAS space include BSE listed OnMobile Global, which raised around Rs. 450 crores from an IPO earlier this month; Bharti Telesoft, which had acquired Jataayu Software last year; One97 Communications had raised an undisclosed amount (around $8-10 million) from SAIF Partners and Silicon Valley Bank around a year ago; there’s also Spice Mobile VAS (Cellebrum) from the Spice Telecom group, which was planning to do an IPO.
More as we have it.
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